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Dentons Advises CPI Property Group on New Hybrid Issue and Tender Offer

Dentons Advises CPI Property Group on New Hybrid Issue and Tender Offer

Czech Republic
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Dentons has advised CPI Property Group on a successful tender offer and the issue of EUR 525 million 4.875% undated subordinated notes callable in November 2026. 

The notes — which Dentons refers to as "the New Hybrids" — were issued under CPIPG’s EUR 8 billion Euro Medium Term Note (EMTN) Programme and received significant investor interest, with nearly EUR 1 billion of demand. Proceeds from the New Hybrids are primarily intended for extending CPIPG's refinancing profile and further reducing gross debt.

On September 8, 2020, CPIPG announced tender offers targeting its EUR 550 million 4.375% undated subordinated notes callable in 2023 (the "2023 Hybrids") and EUR 347 million 1.45% senior notes due 2022 (the "2022 Notes").

On September 17, 2020, EUR3 28 million of the 2023 Hybrids and EUR 12 million of the 2022 Notes were accepted in the tender offer. In total during 2020, CPIPG has repaid more than EUR 1.2 billion of senior unsecured bonds, Schuldschein, and hybrid bonds in advance of the scheduled maturity or call dates.

Dentons acted as English law and Luxembourg law counsel to CPIPG. The firm's London-based team was led by Partner Nick Hayday and included Associates Moeen Qayum and Niharika Khimji, while Luxembourg-based Counsel Olivier Lesage and Partner Stephane Hadet provided Luxembourg law advice.

Czech Republic Knowledge Partner

JŠK, advokátní kancelář, s.r.o. (JŠK) is a medium-sized law firm based in Prague providing a comprehensive range of commercial legal advisory services in the Czech Republic. Our team consists of almost 30 lawyers, five of whom are partners with many years of experience from leading international law firms. We advise local and international clients from banking, insurance and various industry sectors, boast a respected projects practice, and work for the public sector at the federal and municipal level.

Ever since it was founded in 2004, JŠK has striven for the epitome of professionalism, expertise and ethical integrity. We continuously seek to surpass what large global law firms can offer and to give our clients a personal approach. All mandates are equally important to us regardless of size as we guide clients through both complex and seemingly routine matters.

Our clients turn to us for advice when implementing their business plans across all areas of commercial law. We are proud members of PONTES: the CEE lawyers, a unique network of law firms through which we provide services not only in the Czech Republic but also in Austria, Bulgaria, Hungary, Poland, Romania and Slovakia.

Firm's website: http://www.jsk.cz

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